Posts Tagged IRS

The IRS did not issue the required notification letters by June 30, 2015, to taxpayers without Minimum Essential Coverage under the Patient Protection and Affordable Care Act (ACA) for tax year 2014, the Treasury Inspector General for Tax Administration (TIGTA) reported. In March 2016, the IRS’s ACA…

All persons providing minimum essential coverage (such as issuers) are required to file annual information returns with the IRS reporting certain information, including information that identifies each covered individual and the months of coverage. Under current law, health insurance issuers are not required to report coverage for…

The IRS has updated its online frequently asked questions (FAQs) about passport certification. Code Sec. 7345 authorizes the IRS to certify that a taxpayer has seriously delinquent tax debt to the U.S. State Department. The IRS website reports that passport certifications will begin in early 2017. Speaking…

Taxwriters on the House Ways and Means Committee have introduced a bipartisan bill that would increase the maximum amount of pre-tax dollars employees can set aside for dependent care. The Working Families Relief Bill (HR 2618) was introduced by Rep. Mike Kelly, R-Pa., and House Democratic Caucus…

The IRS has reminded withholding agents of their responsibilities, some reporting changes and some common errors. The IRS also described filing requirements for non-U.S. citizens in certain circumstances. The due date for Form 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding, is March 15. To request…

National Taxpayer Advocate (NTA) Nina E. Olson on January 10 released the NTA 2016 Annual Report to Congress. In the report, Olson recommended that the IRS revamp its “Future State” plan in order to adopt a taxpayer-centric focus and urged Congress to emphasize simplification when it considers…

The IRS has issued Notice 2016-70 extending the due date for furnishing to individuals the 2016 Form 1095-B, Health Coverage, and the 2016 Form 1095-C, Employer-Provided Health Insurance Offer and Coverage, from January 31, 2017, to March 2, 2017. Health insurers and applicable large employers are required,…

As international compliance efforts pass several new milestones, the Internal Revenue Service reminds U.S. taxpayers with undisclosed offshore accounts that they should use existing paths to come into full compliance with their federal tax obligations. Updated data shows 55,800 taxpayers have come into the Offshore Voluntary Disclosure…

Protecting Americans from Tax Hikes (PATH) Act. Enacted last December, the new law means employers need to file their copies of Forms W-2 by Jan. 31. These forms also go to the Social Security Administration. The new deadline also applies to certain Forms 1099. Those reporting nonemployee…

House Ways and Means Committee Republicans sent a letter dated October 5 to Treasury Secretary Jack Lew again voicing concerns about the Obama administration’s proposed Code Sec. 385 regulations. The letter comes on the heels of the Treasury delivering final regulations under Code Sec. 385 to the…

By signing up for our monthly newsletter, you will stay informed with the changes to the tax laws that occurred that month as well as what is going on with our firm. We will share with you any client successes, community involvement and events, etc. We see you as part of our family and want to keep in touch.
Sign up here →